Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2017 | Mar. 28, 2018 | Jul. 01, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | TOFUTTI BRANDS INC | ||
Entity Central Index Key | 730,349 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 30, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 4,246,266 | ||
Entity Common Stock, Shares Outstanding | 5,153,706 | ||
Trading Symbol | TOFB | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,414 | $ 132 |
Accounts receivable, net of allowance for doubtful accounts and sales promotions of $386 and $370, respectively | 1,770 | 2,626 |
Inventories | 1,483 | 1,565 |
Prepaid expenses and other current assets | 72 | 66 |
Deferred costs | 86 | 100 |
Total current assets | 4,825 | 4,489 |
Fixed assets (net of accumulated depreciation of $19 and $14, respectively) | 10 | 15 |
Other assets | 16 | 16 |
Total assets | 4,851 | 4,520 |
Current liabilities: | ||
Notes payable-current | 6 | 6 |
Accounts payable | 468 | 1,148 |
Accrued expenses | 536 | 278 |
Deferred revenue | 94 | 108 |
Total current liabilities | 1,104 | 1,540 |
Convertible note payable-long term-related party | 500 | 500 |
Note payable-long term | 4 | 10 |
Total liabilities | 1,608 | 2,050 |
Stockholders' equity: | ||
Preferred stock - par value $.01 per share; authorized 100,000 shares, none issued | ||
Common stock - par value $.01 per share; authorized 15,000,000 shares, issued and outstanding 5,153,706 shares at December 30, 2017 and December 31, 2016 | 52 | 52 |
Additional paid-in capital | 207 | 138 |
Retained earnings | 2,984 | 2,280 |
Total stockholders' equity | 3,243 | 2,470 |
Total liabilities and stockholders' equity | $ 4,851 | $ 4,520 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts and sales promotions on accounts receivable | $ 386 | $ 370 |
Accumulated depreciation on fixed assets | $ 19 | $ 14 |
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | ||
Common stock, par value | $ .01 | $ .01 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 5,153,706 | 5,153,706 |
Common stock, shares outstanding | 5,153,706 | 5,153,706 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 14,107 | $ 14,473 |
Cost of sales | 9,367 | 9,882 |
Gross profit | 4,740 | 4,591 |
Operating expenses: | ||
Selling and warehousing | 1,516 | 1,393 |
Marketing | 313 | 238 |
Product development costs | 393 | 426 |
General and administrative | 1,768 | 2,059 |
Total operating expenses | 3,990 | 4,116 |
Income from operations | 750 | 475 |
Interest expense- related party | 25 | 25 |
Interest expense-other | 1 | 1 |
Income before provision for income tax | 724 | 449 |
Income tax expense | 20 | 28 |
Net income | $ 704 | $ 421 |
Weighted average common shares outstanding: | ||
Basic and diluted | 5,154,000 | 5,154,000 |
Net income per common share: | ||
Basic and diluted | $ 0.14 | $ 0.08 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jan. 02, 2016 | $ 52 | $ 113 | $ 1,859 | $ 2,024 |
Balance, shares at Jan. 02, 2016 | 5,153,706 | |||
Net income | 421 | 421 | ||
Stock-based compensation | 25 | 25 | ||
Balance at Dec. 31, 2016 | $ 52 | 138 | 2,280 | 2,470 |
Balance, shares at Dec. 31, 2016 | 5,153,706 | |||
Net income | 704 | 704 | ||
Stock-based compensation | 69 | 69 | ||
Balance at Dec. 30, 2017 | $ 52 | $ 207 | $ 2,984 | $ 3,243 |
Balance, shares at Dec. 30, 2017 | 5,153,706 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 704 | $ 421 |
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | ||
Depreciation | 5 | 6 |
Stock-based compensation expense | 69 | 25 |
Provision for bad debts and sales promotions | 16 | 54 |
Change in the unrecognized tax position | 14 | 19 |
Change in assets and liabilities: | ||
Accounts receivable | 840 | (897) |
Inventories | 82 | (92) |
Prepaid expenses | (6) | 8 |
Deferred costs | 14 | 1 |
Deferred revenue | (14) | (5) |
Accounts payable and accrued expenses | (436) | 42 |
Net cash flows provided by (used in) operating activities | 1,288 | (418) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Financing received through convertible note payable-related party | 500 | |
Principal payments on note payable obligation | (6) | (5) |
Net cash flows (used in) provided by financing activities | (6) | 495 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,282 | 77 |
CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR | 132 | 55 |
CASH AND CASH EQUIVALENTS, AT END OF YEAR | 1,414 | 132 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid | 4 | 7 |
Interest expense- related party | 25 | 25 |
Interest expense-other | $ 1 | $ 1 |
Liquidity and Capital Resources
Liquidity and Capital Resources | 12 Months Ended |
Dec. 30, 2017 | |
Liquidity and Capital Resources [Abstract] | |
Liquidity and Capital Resources | NOTE 1: LIQUIDITY AND CAPITAL RESOURCES At December 30, 2017, Tofutti Brands, Inc. (the “Company”) had approximately $1,414 in cash compared to $132 at December 31, 2016. Net cash provided by operating activities for the year ended December 30, 2017 was $1,288 compared to $418 used in operating activities for the year ended December 31, 2016. Net cash provided by operating activities for the year ended December 30, 2017 was primarily the result of our net income of $704 and decreases in accounts receivable and inventory of $840 and $82, respectively. These decreases were partially offset by a decrease in accounts payable and accrued liabilities of $436 and deferred revenue of $14. Cash used in financing activities was $6 for the fiscal year ended December 30, 2017 compared to $495 provided by financing activities for the fiscal year ended December 31, 2016. Net cash provided by financing activities for the fiscal year ended December 31, 2016 was the result of a $500 loan from the Company’s Chairman of the Board and Chief Executive Officer. The Company has historically financed operations and met capital requirements primarily through positive cash flow from operations. However, due to net losses and cash used in operations in prior years in order to provide the Company with additional working capital, on January 6, 2016, David Mintz, the Company’s Chairman and Chief Executive, provided it with a loan of $500. Commencing March 31, 2016, interest of 5% is payable on a quarterly basis without compounding. The loan may be prepaid in whole or in part at any time without premium or penalty. The loan is convertible into the Company’s common stock at a conversion price of $4.01 per share, the closing price of its common stock on the NYSE MKT on the date the promissory note was entered into. In any event of default, as defined in the promissory note, without any action on the part of Mr. Mintz, the interest rate will increase to 12% per annum and the entire principal and interest balance under the loan, and all of the Company’s other obligations under the loan, will be immediately due and payable, and Mr. Mintz will be entitled to seek and institute any and all remedies available to him. Initially due December 31, 2017, the loan has been extended until December 31, 2019. The Company’s ability to introduce successful new products may be adversely affected by a number of factors, such as unforeseen cost and expenses, economic environment, increased competition, and other factors beyond the Company’s control. Management cannot provide assurance that the Company will operate profitably in the future, or that it will not require significant additional financing in order to accomplish or exceed the objectives of its business plan. Consequently, the Company’s historical operating results cannot be relied on to be an indicator of future performance, and management cannot predict whether the Company will obtain or sustain positive operating cash flow or generate net income in the future. On September 30, 2016, the Company announced that it had engaged a financial advisor and was pursuing strategic alternatives to enhance shareholder value, including a possible sale or other form of business combination. In August 2017 the Company announced that it had terminated its engagement with the financial advisor that was assisting it. |
Description of the Business and
Description of the Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of the Business and Summary of Significant Accounting Policies | NOTE 2: DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Operating Segments. Fiscal Year Estimates and Uncertainties Revenue Recognition Concentration of Credit/Sales Risk The Company performs ongoing evaluations of its customers’ financial condition and does not require collateral. Management feels that credit risk beyond the established allowances at December 30, 2017 is limited. During the fiscal years ended December 30, 2017 and December 31, 2016, the Company derived approximately 88% and 85% of its net sales domestically. The remaining sales in both periods were exports to foreign countries. The accounts receivable balance of three customers represented approximately 45% of total accounts receivable at December 30, 2017, and three customers represented approximately 42% of total accounts receivable at December 31, 2016. In addition, a significant portion of the Company’s sales are to several key distributors, which are large distribution companies with numerous divisions and subsidiaries who act independently. Such distributors as a group accounted for 47% and 46% of the Company’s net sales for the fiscal years ended December 30, 2017 and December 31, 2016. Accounts Receivable - Deferred Revenue and Deferred Costs Cash and Cash Equivalents Inventories The Company purchased approximately 41% and 36% of its finished products from one supplier and 17% and 25% of its finished products from another supplier during the periods ended December 30, 2017 and December 31, 2016, respectively. Income Taxes Stock-based compensation Net Income (Loss) Per Share Fiscal Year Ended Fiscal Year Ended December 31, 2016 Net income, numerator, basic and diluted computation $ 704 $ 421 Weighted average shares - denominator basic computation 5,154 5,154 Effect of dilutive stock options — — Weighted average shares, as adjusted - denominator diluted computation 5,154 5,154 Net income per common share: Basic and diluted $ 0.14 $ 0.08 Fair Value of Financial Instruments Freight Costs Advertising Costs Product Development Costs - Recent Accounting Pronouncements – In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In April and May 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing,” ASU 2016-11, “Revenue Recognition and Derivatives and Hedging – Recession of SEC Guidance,” ASU 2016-12, “Revenue from Contracts with Customers – Narrow-Scope Improvements and Practical Expedients”, and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” These ASUs each affect the guidance of the new revenue recognition standard in ASU 2014-09 and related subsequent ASUs. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. Early adoption is only permitted as of annual reporting periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. On December 31, 2017, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers and all the related amendments” (“ASC 606”) to all contracts which were not completed or expired as of December 31, 2017 using the modified retrospective method. We will recognize the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. Results for reporting periods beginning after December 30, 2017 will be presented under ASC 606, while the comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. We expect that the impact of the adoption of the new standard will not have a material impact on our financial statements. With the adoption of the standard, the financial statements will be supplemented by new disclosure requirements. Areas of focus and updated presentation requirements include disclosures surrounding contracts with customers, disaggregation of revenue, contract balances, performance obligations, significant judgements used in the application of the guidance and transaction price allocation to remaining performance obligations. In February 2016, the FASB issued guidance which amends the existing accounting standards for lease accounting. ASU 2016-02 requires lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This guidance will be effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. Early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its financial statements. In June 2016, the FASB issued Accounting Standards Update, or ASU 2016-13, Financial Instruments (Topic 326)- Credit Losses, Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. This ASU will be effective for fiscal years beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is in the process of assessing the impact of this guidance on its financial statements. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This ASU adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act (H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018) was signed into law. This ASU is effective for annual and interim periods beginning after December 15, 2018. The Company is in the process of assessing the impact of this guidance on its financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3: INVENTORIES Inventories consist of the following: December 30, 2017 December 31, 2016 Finished products $ 820 $ 1,047 Raw materials and packaging 663 518 $ 1,483 $ 1,565 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | NOTE 4: FIXED ASSETS Fixed assets consist of the following: December 30, 2017 December 31, 2016 Automobile $ 29 $ 29 Less: accumulated depreciation (19 ) (14 ) Fixed assets, net $ 10 $ 15 Depreciation expense as of year-end December 30, 2017 and December 31, 2016 was $5 and $6, respectively. |
Stock Options
Stock Options | 12 Months Ended |
Dec. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | NOTE 5: STOCK OPTIONS On June 10, 2014, the shareholders of the Company approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan provides for grants of various types of awards that are designed to attract and retain highly qualified personnel who will contribute to the success of the Company and to provide incentives to participants in the 2014 Plan that are linked directly to increases in shareholder value which will therefore inure to the benefit of all shareholders of the Company. The Company intends to rely on a combination of multi-year performance awards, options and other stock-based awards for these purposes. The 2014 Plan made 250,000 shares of Common Stock available for awards. The 2014 Plan also permits performance-based 2014 awards paid under it to be tax deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, as “performance-based compensation.” As of December 30, 2017, the Company has issued 80,000 non-qualified stock option awards under the 2014 Plan. The following is a summary of stock option activity from December 31, 2016 to December 30, 2017: NON-QUALIFIED OPTIONS Shares Weighted Average Exercise Price ($) Outstanding at December 31, 2016 80,000 Granted — — Exercised — — Outstanding at December 30, 2017 80,000 — Exercisable at December 30, 2017 80,000 4.42 The following table summarizes information about stock options outstanding at December 30, 2017: Range of Exercise Prices ($) Number Outstanding Weighted Average Remaining Life (in years) Weighted Average Price($) Number Exercisable 4.39-4.46 80,000 2.31 4.42 80,000 The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing formula. Expected volatilities and risk-free interest rates are based upon the expected life of the grant. The interest rates used are the U.S. Treasury yield curve in effect at the time of the grant. During fiscal 2015, 80,000 options were granted, with 26,668 of the options vesting at the respective grant date, 26,666 vesting in January 2016, and 26,666 vesting in January 2017. At the date of grant, expected volatility was 69.8%-71.4%, a risk-free rate of 1.3%-1.8%, 0% expected dividends, and an expected term of five years. As of December 30, 2017, the intrinsic value of the options outstanding and exercisable was immaterial, and there was approximately $0 of total unrecognized compensation cost. |
Leases
Leases | 12 Months Ended |
Dec. 30, 2017 | |
Leases [Abstract] | |
Leases | NOTE 6: LEASES The Company’s facilities are located in a one-story facility in Cranford, New Jersey. The 6,200 square foot facility houses its administrative offices, a warehouse, walk-in freezer and refrigerator, and a product development laboratory and test kitchen. The Company’s original lease agreement expired on July 1, 1999, but it continues to occupy the premises on a monthly basis. Any changes by either the landlord or the Company remains subject to a six month notification period. The Company currently has no plans to enter into a long-term lease agreement for the facility. Rent expense was $81 in fiscal 2017 and fiscal 2016. The Company’s management believes that the Cranford facility will continue to satisfy its space requirements for the foreseeable future and that if necessary, such space can be replaced without a significant impact to the business. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7: INCOME TAXES The Company calculates its provision for federal and state income taxes based on current tax law. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017 (“Enactment Date”) and has several key provisions impacting accounting for and reporting of income taxes. The most significant provision reduces the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. Although most provisions of tax reform are not effective until 2018, the Company is required to record the effect of a change in tax law as of the Enactment Date on its deferred tax assets. As the Company maintains a full valuation allowance against its deferred tax assets, there is no income tax expense recorded related to this change. As of the Enactment Date, the Company estimates that its deferred tax asset and related valuation allowance were each reduced by approximately $155. Additionally, the Securities Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) on December 22, 2017, which allows the Company to record provisional amounts during a measurement period not to extend beyond one year of the Enactment Date. SAB 118 was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. Because the Company is still in the process of analyzing certain provisions of the Act, the Company has determined that the adjustment to its deferred taxes was a provisional amount as permitted under SAB 118. The components of income tax benefit for the fiscal years ended December 30, 2017 and December 31, 2016 are as follows: December 30, 2017 December 31, 2016 Current: Federal $ 14 $ 19 State 6 9 Total income tax expense (benefit) $ 20 $ 28 A reconciliation between the expected federal tax expense at the statutory tax rate of 34% and the Company’s actual tax expense for the fiscal years ended December 30, 2017 and December 31, 2016 follows: December 30, 2017 December 31, 2016 Income tax expense computed at federal statutory rate $ 246 $ 153 State income taxes, net of federal income tax benefit 6 9 Permanent items 10 10 Change in federal valuation allowance (392 ) (176 ) Increase in unrecognized tax position 14 19 Other (19 ) 13 Change in Tax Cut and Jobs Act 155 — $ 20 $ 28 Deferred tax assets for the fiscal years ended December 30, 2017 and December 31, 2016 consist of the following components: December 30, 2017 December 31, 2016 Allowance for doubtful accounts $ 89 $ 133 Inventory 24 29 Federal and state net operating loss 128 467 Other 49 53 Valuation allowance (290 ) (682 ) Deferred tax asset $ — $ — At December 30, 2017, the Company has $487 of federal net operating loss carryforwards and $1,289 of state net operating loss carryforwards, which will begin to expire in 2033. Management has concluded that based upon all available evidence it is more likely than not that deferred tax assets will not be utilized. The Company has recorded a decrease in the federal and state valuation allowances in the amount of $399 during the year ended December 30, 2017. The remaining deferred tax asset is offset by the federal unrecorded tax benefit. The Company will recognize a tax benefit in the financial statements for an uncertain tax position only if management’s assessment is that the position is “more likely than not” (i.e., a likelihood greater than 50 percent) to be allowed by the tax jurisdiction based solely on the technical merits of the position. The term “tax position” refers to a position in a previously filed tax return or a position expected to be taken in a future tax return that is reflected in measuring current or deferred income tax assets and liabilities for financial reporting purposes. The following table indicates the changes to the Company’s uncertain tax positions for the fiscal years ended December 30, 2017 and December 31, 2016: Balance at January 2, 2016 $ 117 Increase due to reserves and tax positions related to prior years 19 Balance at December 31, 2016 136 Increase due to reserves and tax positions related to current year 44 Decrease due to Tax Cut and Jobs Act (49 ) Balance at December 30, 2017 $ 131 The Company accounts for penalties or interest related to uncertain tax positions as part of its provision for income taxes. The Company had approximately $21 and $2 of accrued interest and penalties related to uncertain tax positions at December 30, 2017 and December 31, 2016, respectively. The amount of uncertain tax positions that would affect the effective tax rate if they were recognized is $152. The liability at December 30, 2017 for uncertain tax positions is included in accrued expenses. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 8: NOTES PAYABLE In September 2014, the Company obtained an auto loan of approximately $29 from a bank. The loan requires 60 monthly payments of $0.535 through August 2019. Interest is charged at a fixed nominal rate of 4.64%. The loan is collateralized by the underlying automobile. December 30, 2017 December 31, 2016 Note payable $ 10 $ 16 Less current maturity 6 6 Note payable, net of current maturity $ 4 $ 10 Minimum estimated future payments on this loan as of December 30, 2017 are as follows: Fiscal Year Ending 2018 6 2019 4 Related Party On January 6, 2016, David Mintz, the Company’s Chairman and Chief Executive, provided it with a loan of $500. The loan, which was originally set to expire on December 31, 2017 has been extended to December 31, 2019. No other terms of the loan were modified. Commencing March 31, 2016, interest of 5% is payable on a quarterly basis without compounding. The loan may be prepaid in whole or in part at any time without premium or penalty. The loan is convertible into the Company’s common stock at a conversion price of $4.01 per share, the closing price of the Company’s common stock on the date the promissory note was entered into. In any event of default, as defined in the promissory note, without any action on the part of Mr. Mintz, the interest rate will increase to 12% per annum and the entire principal and interest balance under the loan, and all of the Company’s other obligations under the loan, will be immediately due and payable, and Mr. Mintz will be entitled to seek and institute any and all remedies available to him. December 30, 2017 December 31, 2016 Note payable-related party $ 500 $ 500 Less current maturity — — Note payable related party, net of current maturity $ 500 $ 500 |
Sales by Geographic Region and
Sales by Geographic Region and Product Category | 12 Months Ended |
Dec. 30, 2017 | |
Segment Reporting [Abstract] | |
Sales by Geographic Region and Product Category | NOTE 9: SALES BY GEOGRAPHIC REGION AND PRODUCT CATEGORY Revenues by geographical region are as follows: December 30, 2017 December 31, 2016 Revenues by geography: Americas $ 13,132 $ 13,086 Europe 412 576 Middle East 351 484 Asia Pacific and Africa 212 327 $ 14,107 $ 14,473 Approximately 95% in fiscal 2017 and 94% in fiscal 2016 of the Americas revenue is attributable to the United States. All of the Company’s assets are located in the United States. Net sales by major product category: December 30, 2017 December 31, 2016 Cheeses $ 11,237 $ 10,863 Frozen Desserts and Foods 2,870 3,610 $ 14,107 $ 14,473 |
Description of the Business a16
Description of the Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business |
Operating Segments | Operating Segments. |
Fiscal Year | Fiscal Year |
Estimates and Uncertainties | Estimates and Uncertainties |
Revenue Recognition | Estimates and Uncertainties |
Concentration of Credit/Sales Risk | Concentration of Credit/Sales Risk The Company performs ongoing evaluations of its customers’ financial condition and does not require collateral. Management feels that credit risk beyond the established allowances at December 30, 2017 is limited. During the fiscal years ended December 30, 2017 and December 31, 2016, the Company derived approximately 88% and 85% of its net sales domestically. The remaining sales in both periods were exports to foreign countries. The accounts receivable balance of three customers represented approximately 45% of total accounts receivable at December 30, 2017, and three customers represented approximately 42% of total accounts receivable at December 31, 2016. In addition, a significant portion of the Company’s sales are to several key distributors, which are large distribution companies with numerous divisions and subsidiaries who act independently. Such distributors as a group accounted for 47% and 46% of the Company’s net sales for the fiscal years ended December 30, 2017 and December 31, 2016. |
Accounts Receivable | Accounts Receivable - |
Deferred Revenue and Deferred Costs | Deferred Revenue and Deferred Costs |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Inventories | Inventories The Company purchased approximately 41% and 36% of its finished products from one supplier and 17% and 25% of its finished products from another supplier during the periods ended December 30, 2017 and December 31, 2016, respectively. |
Income Taxes | Income Taxes |
Stock-based Compensation | Stock-based compensation |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Fiscal Year Ended Fiscal Year Ended December 31, 2016 Net income, numerator, basic and diluted computation $ 704 $ 421 Weighted average shares - denominator basic computation 5,154 5,154 Effect of dilutive stock options — — Weighted average shares, as adjusted - denominator diluted computation 5,154 5,154 Net income per common share: Basic and diluted $ 0.14 $ 0.08 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Freight Costs | Freight Costs |
Advertising Costs | Advertising Costs |
Product Development Costs | Product Development Costs - |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. In April and May 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers – Identifying Performance Obligations and Licensing,” ASU 2016-11, “Revenue Recognition and Derivatives and Hedging – Recession of SEC Guidance,” ASU 2016-12, “Revenue from Contracts with Customers – Narrow-Scope Improvements and Practical Expedients”, and ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” These ASUs each affect the guidance of the new revenue recognition standard in ASU 2014-09 and related subsequent ASUs. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017 for public companies. Early adoption is only permitted as of annual reporting periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. On December 31, 2017, we adopted the new accounting standard ASC 606, “Revenue from Contracts with Customers and all the related amendments” (“ASC 606”) to all contracts which were not completed or expired as of December 31, 2017 using the modified retrospective method. We will recognize the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. Results for reporting periods beginning after December 30, 2017 will be presented under ASC 606, while the comparative information will not be restated and will continue to be reported under the accounting standards in effect for those periods. We expect that the impact of the adoption of the new standard will not have a material impact on our financial statements. With the adoption of the standard, the financial statements will be supplemented by new disclosure requirements. Areas of focus and updated presentation requirements include disclosures surrounding contracts with customers, disaggregation of revenue, contract balances, performance obligations, significant judgements used in the application of the guidance and transaction price allocation to remaining performance obligations. In February 2016, the FASB issued guidance which amends the existing accounting standards for lease accounting. ASU 2016-02 requires lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. This guidance will be effective for fiscal years beginning after December 15, 2018 including interim periods within those fiscal years. Early adoption is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact of adopting the new leases standard on its financial statements. In June 2016, the FASB issued Accounting Standards Update, or ASU 2016-13, Financial Instruments (Topic 326)- Credit Losses, Measurement of Credit Losses on Financial Instruments, which provides guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. This ASU will be effective for fiscal years beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company is in the process of assessing the impact of this guidance on its financial statements. In March 2018, the FASB issued ASU 2018-05, Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118. This ASU adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act (H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018) was signed into law. This ASU is effective for annual and interim periods beginning after December 15, 2018. The Company is in the process of assessing the impact of this guidance on its financial statements. |
Description of the Business a17
Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Computation of Basic and Diluted Loss Per Share | Fiscal Year Ended Fiscal Year Ended December 31, 2016 Net income, numerator, basic and diluted computation $ 704 $ 421 Weighted average shares - denominator basic computation 5,154 5,154 Effect of dilutive stock options — — Weighted average shares, as adjusted - denominator diluted computation 5,154 5,154 Net income per common share: Basic and diluted $ 0.14 $ 0.08 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: December 30, 2017 December 31, 2016 Finished products $ 820 $ 1,047 Raw materials and packaging 663 518 $ 1,483 $ 1,565 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consist of the following: December 30, 2017 December 31, 2016 Automobile $ 29 $ 29 Less: accumulated depreciation (19 ) (14 ) Fixed assets, net $ 10 $ 15 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of stock option activity from December 31, 2016 to December 30, 2017: NON-QUALIFIED OPTIONS Shares Weighted Average Exercise Price ($) Outstanding at December 31, 2016 80,000 Granted — — Exercised — — Outstanding at December 30, 2017 80,000 — Exercisable at December 30, 2017 80,000 4.42 |
Schedule of Information of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 30, 2017: Range of Exercise Prices ($) Number Outstanding Weighted Average Remaining Life (in years) Weighted Average Price($) Number Exercisable 4.39-4.46 80,000 2.31 4.42 80,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (benefit) | The components of income tax benefit for the fiscal years ended December 30, 2017 and December 31, 2016 are as follows: December 30, 2017 December 31, 2016 Current: Federal $ 14 $ 19 State 6 9 Total income tax expense (benefit) $ 20 $ 28 |
Schedule of Reconciliation Between the Expected Federal Tax Expense at Statutory Tax Rate | A reconciliation between the expected federal tax expense at the statutory tax rate of 34% and the Company’s actual tax expense for the fiscal years ended December 30, 2017 and December 31, 2016 follows: December 30, 2017 December 31, 2016 Income tax expense computed at federal statutory rate $ 246 $ 153 State income taxes, net of federal income tax benefit 6 9 Permanent items 10 10 Change in federal valuation allowance (392 ) (176 ) Increase in unrecognized tax position 14 19 Other (19 ) 13 Change in Tax Cut and Jobs Act 155 — $ 20 $ 28 |
Schedule of Deferred Tax Assets | Deferred tax assets for the fiscal years ended December 30, 2017 and December 31, 2016 consist of the following components: December 30, 2017 December 31, 2016 Allowance for doubtful accounts $ 89 $ 133 Inventory 24 29 Federal and state net operating loss 128 467 Other 49 53 Valuation allowance (290 ) (682 ) Deferred tax asset $ — $ — |
Schedule of Changes to Company's Uncertain Tax Positions | The following table indicates the changes to the Company’s uncertain tax positions for the fiscal years ended December 30, 2017 and December 31, 2016: Balance at January 2, 2016 $ 117 Increase due to reserves and tax positions related to prior years 19 Balance at December 31, 2016 136 Increase due to reserves and tax positions related to current year 44 Decrease due to Tax Cut and Jobs Act (49 ) Balance at December 30, 2017 $ 131 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Note Payable | The loan is collateralized by the underlying automobile. December 30, 2017 December 31, 2016 Note payable $ 10 $ 16 Less current maturity 6 6 Note payable, net of current maturity $ 4 $ 10 |
Schedule of Minimum Estimated Future Payments On Loan | Minimum estimated future payments on this loan as of December 30, 2017 are as follows: Fiscal Year Ending 2018 6 2019 4 |
Schedule of Related Party Notes Payable | December 30, 2017 December 31, 2016 Note payable-related party $ 500 $ 500 Less current maturity — — Note payable related party, net of current maturity $ 500 $ 500 |
Sales by Geographic Region an23
Sales by Geographic Region and Product Category (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenues by Geographical Region | Revenues by geographical region are as follows: December 30, 2017 December 31, 2016 Revenues by geography: Americas $ 13,132 $ 13,086 Europe 412 576 Middle East 351 484 Asia Pacific and Africa 212 327 |
Summary of Net Sales by Major Product Category | Net sales by major product category: December 30, 2017 December 31, 2016 Cheeses $ 11,237 $ 10,863 Frozen Desserts and Foods 2,870 3,610 $ 14,107 $ 14,473 |
Liquidity and Capital Resourc24
Liquidity and Capital Resources (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Jan. 06, 2016 | Dec. 31, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Cash and cash equivalents | $ 1,414 | $ 132 | $ 55 | |||
Net cash used in operating activities | 1,288 | (418) | ||||
Net income | 704 | 421 | ||||
Change in accounts receivable | 840 | (897) | ||||
Change in inventory | 82 | (92) | ||||
Change in accounts payable and accrued liabilities | (436) | 42 | ||||
Change in deferred revenue | (14) | (5) | ||||
Net cash flows used in financing activities | $ (6) | $ 495 | ||||
Loans payable extended date | Dec. 31, 2019 | |||||
David Mintz [Member] | ||||||
Financing received through convertible note payable-related party | $ 500 | |||||
Loan payable commencing date | Mar. 31, 2016 | |||||
Loan payable interest rate | 5.00% | |||||
Debt interest increase per annum | 12.00% | |||||
Loan convertible into common stock at conversion price per share | $ 4.01 | |||||
Chairman of the Board and Chief Executive Officer [Member] | ||||||
Financing received through convertible note payable-related party | $ 500 |
Description of the Business a25
Description of the Business and Summary of Significant Accounting Policies (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017USD ($)Segmentshares | Dec. 31, 2016USD ($)shares | |
Number of operating segments | Segment | 1 | |
Cash, FDIC insured amount | $ 250 | |
Percentage of tax benefits likelihood | greater than 50 percent | greater than 50 percent |
Anti-dilutive securities | shares | 80,000 | 80,000 |
Freight costs | $ 960 | $ 943 |
Advertising costs | 192 | 158 |
Product development costs | $ 393 | $ 426 |
Sales Revenue, Goods Net [Member] | Geographic Concentration Risk [Member] | ||
Percentage of concentration risk | 88.00% | 85.00% |
Sales Revenue, Goods Net [Member] | Distributors as Group Member | ||
Percentage of concentration risk | 47.00% | 46.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | ||
Percentage of concentration risk | 45.00% | 42.00% |
Finished Products [Member] | Supplier Concentration Risk [Member] | Supplier One [Member] | ||
Percentage of concentration risk | 41.00% | 36.00% |
Finished Products [Member] | Supplier Concentration Risk [Member] | Supplier Two [Member] | ||
Percentage of concentration risk | 17.00% | 25.00% |
Description of the Business a26
Description of the Business and Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
income, numerator, basic and diluted computation | $ 704 | $ 421 |
Weighted average shares - denominator basic computation | 5,154 | 5,154 |
Effect of dilutive stock options | ||
Weighted average shares, as adjusted - denominator diluted computation | 5,154 | 5,154 |
Net income per common share:Basic and diluted | $ 0.14 | $ 0.08 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 820 | $ 1,047 |
Raw materials and packaging | 663 | 518 |
Inventories, net | $ 1,483 | $ 1,565 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 5 | $ 6 |
Fixed Assets - Schedule of Fixe
Fixed Assets - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Less: accumulated depreciation | $ (19) | $ (14) |
Fixed assets, net | 10 | 15 |
Automobile [Member] | ||
Fixed assets, gross | $ 29 | $ 29 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 30, 2017 | Jan. 02, 2016 | Jan. 31, 2017 | Dec. 31, 2016 | Jan. 31, 2016 | Jun. 10, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option issued under award | 80,000 | 80,000 | ||||
Options granted | 80,000 | |||||
Expected dividends | 0.00% | |||||
Expected term | 5 years | |||||
Total unrecognized compensation cost of non-vested share-based awards | $ 0 | |||||
Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vesting | 26,668 | |||||
Share-based Compensation Award, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vesting | 26,666 | |||||
Share-based Compensation Award, Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vesting | 26,666 | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 69.80% | |||||
Risk-free rate | 1.30% | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected volatility | 71.40% | |||||
Risk-free rate | 1.80% | |||||
Equity Incentive Plan 2014 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock available for awards | 250,000 | |||||
Equity Incentive Plan 2014 [Member] | Non Qualified Stock Option Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option issued under award | 80,000 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 30, 2017 | Jan. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares Outstanding Beginning Balance | 80,000 | |
Shares Granted | 80,000 | |
Shares Exercised | ||
Shares Outstanding Ending Balance | 80,000 | |
Shares Exercisable | 80,000 | |
Weighted Average Exercise Price Outstanding Beginning Balance | ||
Weighted Average Exercise Price Granted | ||
Weighted Average Exercise Price Exercised | ||
Weighted Average Exercise Price Outstanding Ending Balance | ||
Weighted Average Exercise Price Exercisable | $ 4.42 |
Stock Options - Schedule of Inf
Stock Options - Schedule of Information of Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 30, 2017$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Range of Exercise Prices lower limit | $ 4.39 |
Range of Exercise Prices upper limit | $ 4.46 |
Number Outstanding | shares | 80,000 |
Weighted Average Remaining Life | 2 years 3 months 22 days |
Weighted Average Exercise Price | $ 4.42 |
Number Exercisable | shares | 80,000 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017USD ($)ft² | Dec. 31, 2016USD ($) | |
Leases [Abstract] | ||
Area of square foot | ft² | 6,200 | |
Original lease agreement expire date | Jul. 1, 1999 | |
Rent expense | $ | $ 81 | $ 81 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
Corporate income tax rate, percentage | 35.00% | ||
Reduce in corporate income tax rate, percentage | 21.00% | ||
Decrease in the federal and state valuation allowances | $ 155 | $ 399 | |
Federal tax expense, statutory tax rate | 34.00% | ||
Operating loss carry forwards expiration | begin to expire in 2033 | ||
Percentage of tax benefits likelihood | greater than 50 percent | greater than 50 percent | |
Accrued interest and penalties related to uncertain tax positions | $ 21 | $ 2 | |
Uncertain tax positions that would affect the effective tax rate | 152 | ||
Federal [Member] | |||
Net operating loss carryforwards | 487 | ||
State [Member] | |||
Net operating loss carryforwards | $ 1,289 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Current Federal | $ 14 | $ 19 |
Current State | 6 | 9 |
Total income tax expense (benefit) | $ 20 | $ 28 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between The Expected Federal Tax Expense at Statutory Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense computed at federal statutory rate | $ 246 | $ 153 |
State income taxes, net of federal income tax benefit | 6 | 9 |
Permanent items | 10 | 10 |
Change in federal valuation allowance | (392) | (176) |
Increase in unrecognized tax position | 14 | 19 |
Other | (19) | 13 |
Change in Tax Cut and Jobs Act | 155 | |
Total income tax expense (benefit) | $ 20 | $ 28 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Allowance for doubtful accounts | $ 89 | $ 133 |
Inventory | 24 | 29 |
Federal and state net operating loss | 128 | 467 |
Other | 49 | 53 |
Valuation allowance | (290) | (682) |
Deferred tax asset |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes to Company's Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 136 | $ 117 |
Increase due to reserves and tax positions related to prior years | 14 | 19 |
Decrease due to reserves and tax positions related to current year | (44) | |
Decrease due to Tax Cut and Jobs Act | 49 | |
Ending Balance | $ 131 | $ 136 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) $ / shares in Units, $ in Thousands | Jan. 06, 2016USD ($)$ / shares | Sep. 30, 2014USD ($)Installment | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Note payable, principle amount | $ 10 | $ 16 | ||
Loan payable due date | Dec. 31, 2019 | |||
Chairman and Chief Executive [Member] | ||||
Fixed interest rate | 5.00% | |||
Proceeds from related party debt | $ 500 | |||
Loan payable due date | Dec. 31, 2019 | |||
Loan convertible into common stock at conversion price per share | $ / shares | $ 4.01 | |||
Interest rate increase percent | 12.00% | |||
Auto Loan [Member] | ||||
Note payable, principle amount | $ 29 | |||
Monthly payments | Installment | 60 | |||
Frequency of periodic payment | Monthly | |||
Periodic payment on note payable | Requires 60 monthly payments of $0.535 through August 2019 | |||
Fixed interest rate | 4.64% |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Note Payable (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Note payable | $ 10 | $ 16 |
Less current maturity | 6 | 6 |
Note payable, net of current maturity | $ 4 | $ 10 |
Notes Payable - Schedule of Min
Notes Payable - Schedule of Minimum Estimated Future Payments On Loan (Details) $ in Thousands | Dec. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 6 |
2,019 | $ 4 |
Notes Payable - Schedule of Rel
Notes Payable - Schedule of Related Party Notes Payable (Details) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Note payable-related party | $ 500 | $ 500 |
Less current maturity | ||
Note payable related party, net of current maturity | $ 500 | $ 500 |
Sales by Geographic Region an43
Sales by Geographic Region and Product Category (Details Narrative) | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Americas [Member] | ||
Percentage of revenue | 95.00% | 94.00% |
Sales by Geographic Region an44
Sales by Geographic Region and Product Category - Schedule of Revenues by Geographical Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues by geography | $ 14,107 | $ 14,473 |
Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues by geography | 13,132 | 13,086 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues by geography | 412 | 576 |
Middle East [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues by geography | 351 | 484 |
Asia Pacific and Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues by geography | $ 212 | $ 327 |
Sales by Geographic Region an45
Sales by Geographic Region and Product Category - Schedule of Net Sales by Major Product Category (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 14,107 | $ 14,473 |
Cheeses [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 11,237 | 10,863 |
Frozen Desserts and Foods [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 2,870 | $ 3,610 |